What to do if my father is unable to pay the loan
10-Jun-2023 (In Banking / Finance Law)
Sir my father 3 loans he paid some loans but remaining he not able to pay due to high interest of loans,business loss financial problems we don't have any property for sale also my father is only source for us we are two daughters to him sir please help us what we have to do now which lawyer should we consult what is the solution for my problem
Hi,
Please consult a Senior civil lawyer or bank legal advisor immediately. An Advocate must be in your jurisdiction area. Explain him everything about your loans and present situation. He will suggest you for further proceedings. So, don't worry. Take care of your father and family. Good luck.
Please consult a Senior civil lawyer or bank legal advisor immediately. An Advocate must be in your jurisdiction area. Explain him everything about your loans and present situation. He will suggest you for further proceedings. So, don't worry. Take care of your father and family. Good luck.
In this situation face the issue with by bank and they will issue legal notice to your father then after your father need to consult any advocate and explain, how did he get those loans with any assurance given to bank if not reply the bank saying insolvency petition, in this situation banks will also not come forward to claim, they will give maximum time to recover.
Firstly don't worry, keep yourself and your family members specially your father cool and relaxed. First let me see the loan details, bank notices and the present condition. After analysing all details I can come to any conclusion.
Are those loans against mortgage of any property ?
What type of loans ?
When the account became NPA ??
Bank's notices etc all need to be read and then an action can be taken.
Are those loans against mortgage of any property ?
What type of loans ?
When the account became NPA ??
Bank's notices etc all need to be read and then an action can be taken.
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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